Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter

Volume 5, Issue 2--June 2007

Welcome
Welcome to the Office of Student Aid Parent Newsletter! If you would like to subscribe, we can send our monthly newsletter directly to your e-mail account. Each newsletter will inform you about pressing issues and provide you with general information and updates related to financial aid.

MPN E-signature for New Borrowers
Once Penn State has certified your student's Federal Stafford Loan eligibility for the upcoming enrollment year, he or she will receive an e-mail from our office advising on the availability of the Master Promissory Note (MPN) for e-signature. The MPN is the official loan application and outlines the terms and conditions in a legal binding document.

PLUS or Alternative Loans--Which is the Best Choice?
Although the Federal Stafford Loan is the best educational loan option (based on the loans' interest rate, terms, conditions, and repayment options) there are yearly and aggregate maximums on the amount of money your student can borrow. If your student needs more funds to cover the remaining difference after applying the amount of student financial aid he/she was awarded, the Federal Parent PLUS Loan and private alternative student loans are available resources to help cover additional educational costs.

2007-08 Federal Loan Interest Rates Are Official
The Department of Education has released the interest rates for the upcoming academic year.

Work-Study Q & A
The Federal Work-Study program is a federally funded, need-based employment program awarded to qualifying undergraduates and graduates. Jobs are available at each campus and provide students with employment opportunities that may correspond to their educational or career interests.

The Parent Newsletter is published monthly by Penn State's Office of Student Aid (314 Shields Building, University Park, PA 16802). If you have questions, suggestions, story ideas, or comments, please contact us online.

This publication is available in alternative media on request. Penn State is committed to affirmative action, equal opportunity, and the diversity of its workforce. U.Ed. EMA 07-1021.